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Banking & Finance

July 4: VN-Index up slightly in morning trade

Released at: 16:23, 04/07/2018 Stock Market Watch

July 4: VN-Index up slightly in morning trade

Source: TVSI

Solid morning from VHM has positive effect on market.

by My Van

VHM’s strong increase had a positive effect on the market on the morning of July 4, sending it into positive territory.

After hitting its floor yesterday, VHM rebounded strongly and contributed more than 3 points to the VN-Index. It also created momentum among other stocks. Market liquidity, however, did not improve significantly.

As at 10.40am the VN-Index had increased to 907.12 points and the HNX-Index 0.72 points (0.73 per cent) to 99.52 points, while the UPCoM-Index had exceeded 50 points.

Banking stocks had a mixed morning. While CTG, ACB and VPB gained, TCB and BID went in the other direction. Gains were also seen in real estate and construction stocks.

Blue-chips such as ROS, SAB, VNM and BVH fell again, curbing a strong recovery. YEG remained at its floor price with 10,000 shares traded.

Petroleum stocks such as GAS, PVS, PVD, OIL, and BSR fell sharply after global oil prices fell slightly yesterday. Real estate stocks such as VIC, VHM, DXL and NLG also contributed significantly to the Index’s decline.

“The July 3 trading session felt like investors had surrendered in the face of strong selling pressure during the afternoon. Foreigners were significant net sellers. It seems that more and more investors are withdrawing money and standing outside of the market or investing in derivatives. The market seems to have entered oversold territory in the short term but the situation may still be negative, since the VN-Index has fallen to a new bottom since the beginning of the year. The VN30 also closed below 900 points.

Our technical analysts suggest that strong support in the VN-index is at 830-850 points, meaning there may be some selling pressure in the weeks to come.

The sharp falls yesterday were confirmed this morning. Perhaps there will be technical rebounds in the next few days, especially when regional markets stabilize.”

Ho Chi Minh City Securities Corporation

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